Sources: CitiBike deal closes

A real estate company has closed on a deal to buy Alta Bicycle Share, according to two knowledgeable sources.

REQX Ventures, a company run by people affiliated with Related Companies—developer of the Time Warner Center and Hudson Yards—and its subsidiary Equinox, will own all of Alta Bicycle Share, according to one of those sources.

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It will, according to that source, increase the size of the CitiBike fleet from 6,000 to 12,000.

Neither REQX, Alta, nor Mayor Bill de Blasio's administration, which was a party to the negotiations, would comment.

In July, Capital reported the broad outlines of a tentative deal, one that would give REQX the freedom to raise rates to help capitalize the system, which has been undermined by poor software, poor management and Hurricane Sandy, which destroyed some of its equipment.